Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dollar Strength Likely To Keep Silver Under Pressure

By Abhishek BansalCommoditiesMar 22, 2021 05:41AM ET
www.investing.com/analysis/dollar-strength-likely-to-keep-silver-under-pressure-200568676
Dollar Strength Likely To Keep Silver Under Pressure
By Abhishek Bansal   |  Mar 22, 2021 05:41AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

The Dollar Index is currently holding above 92.00 and is likely to keep precious metals prices under pressure. Silver is currently trading near 25.55 which is nearly 3% lower from Friday closing.

Strength in global bond yield is also adding pressure on precious metals. The 10-year T-note yield on Friday rose +1.5 bp to 1.723%.

Concern about the third wave of Covid infections in Europe is expected to cut economic growth which is negative for industrial metals and silver. German Health Minister Spahn on Friday said that Germany is in the grip of a "third wave" of rising Covid cases and "there are some fairly challenging weeks ahead of us."

On economic data front, German Feb PPI rose +0.7% m/m and +1.9% y/y, against expectations of +0.8% m/m and +2.0% y/y. Japan Feb national CPI ex-fresh food & energy rose +0.2% y/y, right on expectations.

According to the CFTC Commitments of Traders report for the week ended Mar. 16, net long for Silver futures sank 2,540 contracts to 33,609 for the week. Speculative long position plunged 787 contracts, while shorts were added by 1753 contracts.

Silver prices are likely to face stiff resistance near $26.30 and $27.22 while it may find support around $24.90.

Dollar Strength Likely To Keep Silver Under Pressure
 

Related Articles

Dollar Strength Likely To Keep Silver Under Pressure

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Mr. Abhishek Bansal is a new-age, first-generation entrepreneur, and the Founder Chairman of Abans Group, a quintessential diversified business group, providing expertise in Broking Services, Non-Banking Financial Dealings, Financial Services, Agri-Commodity Services, Warehousing, Realty & Infrastructure, Gold Dore Refinery & Manufacturing, and Trading in Metal Products, Pharmaceuticals, Software Development & Wealth Management.
Continue with Google
or
Sign up with Email